I often hear the question, "How is the real estate market?" There are many buyers out there, and there are many sellers too. The reason there is a high supply of homes for sale is one word, price. If you as a seller are pricing your home based on the 2006 or early 2007 home pricing strategy, you are going to be sitting on the market for quite some time. What I mean by that is this, the previous 2 years saw unbelievable price increases. If your neighbour sold for $400,000 you could tack on another $10,000 or $20,000 and list for $410,000+. You would probably even sell for more than your list say $425,000.
We are in a different market now. Much more of a balanced market. Buyers are aware that there is a good source of inventory and they are not going to pay you a premium for your home. If the neighbour's home sold for $400,000 last month, it doesn't mean your home will sell for $410,000 or more. Shrewd buyers will pay you market value, not premium value. I have been involved in two multiple offers on my listed homes in the past week. Multiple offers happen in a strong market where there are numerous buyers. So, when people ask me "how is the market?" my answer is that there is a strong demand for quality reasonably priced homes. The most important part of that sentence is reasonably priced.
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